History (1998): Transitional Technology Inc. Completes IPO

The life of cartridge tape drive manufacturer Tecmar has been fairly tumultuous in recent years.

After moving from Rexon to Legacy, the firm has now been acquired by TTI, or Transitional Technology Inc., with the help of funds generated by a recent IPO, in the neighborhood of $16.8 million.

The offering was made by an underwriting group jointly managed by Norden, Enskilda Securities and Norse Securities AS, all based in Oslo, Norway [The town where Tandberg Data, a maker of quarter-inch drives like Tecmar, is based. Ed.].

TTI’s stock is now listed on the Oslo stock exchange.

Tecmar Technologies’ HQ will be based in Longmont, CO, and TTI will retain its operation divisions in Anaheim, CA, Banbury and Aldermaston, UK, Wiesbaden, Germany, and Singapore.

As a result of this operation, Ernest Wassmann, president and CEO of Tecmar, will assume all duties as president, CEO and director of TTI. Mike Spencer, president of TTI, was appointed GM of European operations and joins the board of directors. Among TTI’s other board members, we find the name of Dennis Waid, storage consultant and president of Peripheral Strategies.

This article is an abstract of news published on issue 122 on March 1998 from the former paper version of Computer Data Storage Newsletter.